NEW YORK, July 16 (Reuters) - U.S. stocks advanced on
Wednesday and the Dow surged to a new intraday high, buoyed by
the latest merger news, as investors sorted through the latest
batch of corporate earnings.

Merger and acquisition activity continued to thrive on Wall
Street. Time Warner shares jumped 18.1 percent to $83.87
as the biggest boost to the S&P 500 after Twenty-First Century
Fox confirmed it made an $80 billion takeover offer for
the company that was turned down. Twenty-First Century Fox
shares lost 1.7 percent to $33.54.

Also supporting gains was chipmaker Intel, which
climbed 6.2 percent to $33.69 following second-quarter results
that topped analysts' estimates. The company also forecast
third-quarter revenue above Wall Street's expectations.

"It's a combination of M&A that has been pretty consistent -
about every day we wake up to at least one, if not two deals -
and earnings have continued to be good," said Bill Stone, chief
investment strategist at PNC Wealth Management in Philadelphia.
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